SAN DIEGO & MEDFORD, Mass.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces
that a shareholder derivative complaint was filed on behalf of PixarBio
Corporation (Other OTC: PXRB) in the U.S. District Court for the
District of New Jersey. The complaint is brought against certain
officers and directors of PixarBio for alleged breaches of fiduciary
duties, unjust enrichment, waste of corporate assets, abuse of control,
and gross mismanagement. PixarBio, a specialty
pharmaceutical/biotechnology company, focuses on the pre-clinical and
clinical development of neurological drug delivery systems for
post-operative pain.

According to the complaint, on October 31, 2016, PixarBio merged with
BMP Holdings Inc. and began trading on the over-the counter-markets. On
January 23, 2017, the U.S. Securities and Exchange Commission issued an
order suspending trading in the securities of PixarBio. The announcement
attributed the suspension to manipulative or deceptive activities –
possibly in relation to PixarBio's public statements concerning its
offer to takeover InVivo Therapeutics Corporation – and questioned the
accuracy of assertions by PixarBio in press releases, third party
promotional materials, and the company's Form S-1 concerning: (1) the
company's business combinations and current shareholders; (2) the
identity and qualifications of key shareholders and employees; and (3)
the company's current and prospective development efforts. The complaint
notes that PixarBio officials' misconduct has subjected the company to a
securities fraud class action lawsuit, has caused the company to
undertake internal investigations, and will cost the company millions of
dollars going forward.

Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.

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